XRP Faces Crucial Test as 1 Billion Token Release Approaches
Ripple's XRP token has experienced a significant price increase of approximately 50% before entering a correction phase, currently trading near $1.44.
The asset's upward movement was fueled by a White House gathering where President Trump met with prominent cryptocurrency sector representatives, including Brad Garlinghouse, CEO of Ripple, advocating for the Congressional passage of the CLARITY Act.
A market analyst noted that XRP's price acceleration followed substantial gains and price rejection at the $1.66 resistance level, and predicts a potential retracement to the $1.10, $1.38 support zone before continuation.
Major holders extracted 231 million XRP from Binance, marking six-month record withdrawal, which may indicate that holders are transferring assets to long-term storage rather than positioning for immediate sales.